Friday, January 23, 2009
It’s official -where are Gordon’s sound fundamentals now?
The UK is officially in recession for the first time since the early 1990s, government figures have confirmed. Gross domestic product fell by 1.5% in 2008's final quarter, following on from a 0.6% contraction in the previous three months. That means that the widely accepted definition of a recession - two consecutive quarters of falling economic growth - has been met. It also represents the biggest quarter-on-quarter decline since 1980.